Sydney Residential Property Prices Down 1.4% In September Quarter 2017

Sydney Residential Property Prices Down 1.4% In September Quarter 2017

Australian Bureau Of Statistics

Sydney Drives Property Price Fall In September Quarter

Victor P Taffa

Residential Property Price Index (RPPI) for Sydney fell 1.4 % in the September quarter 2017 following positive growth over the last 5 quarters, according to figures released today by the Australian Bureau of Statistics (ABS).

Sydney established house prices fell 1.3 % and attached dwellings prices fell 1.4 % in the September quarter 2017.

“Fall in Sydney property prices this quarter was consistent with market indicators.” Chief Economist for the ABS, Bruce Hockman said.

Falls in the RPPI were also seen in

  • Perth (-1.0 %),
  • Darwin (-2.6 %),
  • Canberra (-0.2 %).

These were offset by rises in

  • Melbourne (+1.1 %),
  • Brisbane (+0.7 %),
  • Adelaide (+0.7 %),
  • Hobart (+3.4 %).

For the weighted average of the 8 capital cities, the RPPI fell 0.2 % in the September quarter 2017. This was the first fall in the RPPI since the March quarter 2016.

“Residential property prices have continued to moderate across most capital cities this quarter.” Mr. Hockman said.

Total value of Australia’s 10.0 Million residential dwellings increased $14.8 Billion to $6.8 Trillion. Mean price of dwellings in Australia fell by $1,200 over the quarter to $681,100.